Self-employed Mortgage

Rejected by banks because you are self-employed? Contact Team BobCat to get a secure loan now

Get Approved For Private Mortgage in Mississauga Today 

Getting approved for a mortgage as a self-employed professional looks different. Traditional banks will put you through a long and tedious application process only to get rejected at the end. As licensed mortgage specialists in Mississauga, we’ll help you find self-employed mortgage lenders who will check your proof of income using bank statements, tax returns, and business contracts. Team BobCat Mortgages promises you a quick and smooth mortgage approval process in Mississauga.

FAQ

The Answers You Need

Even though 20% of Canada’s population is self-employed, getting a mortgage has always been a major struggle. They are unable to calculate your earnings, which makes your application a risky one for them. Any smart business person knows to take advantage of allowable tax-deductible expenses, which lowers your income. 

 

For example, you earned $100,000 in 2021 but mentioned $65,000 as your expenses in your returns. A traditional mortgage lender will consider $35,000 as your actual income.

1. How is self-employed income calculated by a mortgage lender in Mississauga?

You’ll receive a minimum two years of tax returns proving self-employed income. Other important documents include business licence, GST/HST returns summary, T1 General with minimum 2 years of business activity, 2 years of audited financial statements, and a Notice of Assessment or signed affidavit that confirms you don’t have any tax arrears.

2. What are the extra documents that I will need to provide?

Yes, you can apply for a self-employed mortgage if you’re in a partnership business. For more information, contact us today.

3. Can I apply for a self-employed mortgage if I am in a partnership?

As we discussed in the first question, your actual income is considered only after deducting all business expenses. They have less options to verify a stable income and therefore end up approving you for a lower mortgage amount. While credit history is not as important for a self-employed mortgage, having personal loans and credit card debt can further lower the amount.

4. Why do self-employed professionals qualify for a lower mortgage amount in Canada?

At Team BobCat Mortgages we work with self-employed mortgage lenders who consider your total tax returns as your income. For example, you earned $100,000 and $130,000 in 2020 and 2021, which has an average of $115,000. Our lenders will consider this as your actual income making it possible to qualify for a higher mortgage amount at a lower interest rate. 

5. How are self-employed mortgage lenders different from traditional lenders in Mississauga?

We make self-employed mortgages easy for you. Competitive rates, simple application process, and save money on taxes

Benefits of Working With Team BobCat

Always negotiate in your best interests

We strive to represent your best interests while negotiating a self-employed mortgage approval process on your behalf. You don’t need to worry about hidden fees, surprise expenses, or any undisclosed amounts.

Lock in the lowest mortgage rate through pre-approval

When you get pre-approved with Team BobCat Mortgages, you can lock the low interest rate for up to 120 days. During this time, you can house shop and put in an offer without worrying about the rising mortgage rates.

 Access funds when you need them

Our mortgage lenders aren’t biased towards self-employed professionals. They will approve your mortgage application in Mississauga even though you aren’t able to prove consistent income.

Save money with low mortgage rates

When you apply for a mortgage through us we send your application to a number of mortgage lenders. We’ll find you the most competitive rate and save you thousands of dollars in the long run.

Completely digital mortgage application process

Our application is simple and straightforward and can be done completely online. We are only a call away and always available to answer any questions you have.

Best financial advice for future

Our biggest reason to become mortgage agents is to help Canadians and PRs improve their financial situation through real estate. Once you become our client, you’re forever a member of our Team BobCat Mortgages family.

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